This week, on Tuesday, watch the publication of the United States Producers Price Index at 12:30 GMT. This data release will provide an insight into US inflation situation. Note that producer price increases are usually passed on to consumers.
On Wednesday, the most important event of the week will take place. The US consumer inflation numbers will be released. The US Consumer Price Index data sets will be published. High inflation might reveal that the Fed can not cut interest rates and the Dollar would surge.
On Thursday, the US Retail Sales data will reveal whether total sales of consumer goods hae continued to increase. Note that higher retail sales might be due to higher prices not higher amount of goods sold.
XAU/USD short-term forecast
A move above the 2,450.00/2,460.00 range is set to face the all-time-high level range near 2,480.00
On the other hand, a potential decline might look for support in the 2,390.00/2,400.00 range, prior to reaching the 2,370.00 mark. Meanwhile, the hourly simple moving averages are not expected to impact the commodity.
XAU/USD daily charts review
On the daily candle chart, the metal found support in the 50 and 100-day simple moving averages, which have been the cause of the latest recovery.Daily Candle Chart
Traders remain short
On Friday, 73% of volume was in short positions. The pending orders were 75% to sell the metal.
By mid-Monday, the postions were 74% bearish. In the meantime, pending orders were 75% to sell.